I Told You So (not required)

This came from an NPR report about yesterday’s poor performance of U.S. stock markets:

ZARROLI: Well, it was funny, I was watching today and a lot of stock market pundits are now sort of officially talking about recession, using that word. But you don't hear that from economists, really. And it sort of is a reminder of the fact that the stock market is not the same as the economy. I mean, you can have the stock market going down when the economy is not. There's an old saying, the stock market has predicted nine of the past five recessions. [emphasis added]

SHAPIRO: (Laughter).

ZARROLI: You know, so it can go down when the economy is still doing OK, and - but it is something to watch, definitely, …

Earlier in the report, this remark was also made:

… And also, you know, economies all over the world are weakening - too much capacity, not enough demand. You have hot growth countries like China slowing down and then other countries like Brazil entering a deep recession. …

The audio and transcript are here.